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54 Tangible fixed assets SIT 313,343,000 0.16% of assets Tangible assets of the Company include equipment, low value assets among fixed assets as well as tangible fixed assets under construction or in manufacture. Tangible fixed assets purchased abroad are not revalued by the changes in exchange rates in which they had been purchased. The Company applies the straight-line depreciation. Tangible fixed assets are depreciated individually. The Company applies the depreciation rates defined on the basis of the foreseen useful life for individual kind of assets. Depreciation rates applied do not exceed the rates at which depreciation expense is tax deductible. The Company did not increase the value of tangible fixed assets or impair them in 2002. The presented book value of individual assets complies with their fair value. Movements of tangible fixed assets in 2002 in SIT 000 Equipment Low value Equipment and other tangible and spare parts assets fixed asstes under construction Total COST OF PURCHASE Balance at the beggining of the year 0 0 6,660 6,660 Acquisitions 173,631 713 162,494 336,838 Disposals 0 0 (6,660) (6,660) Revaluation 0 0 0 0 Balance at the end of the year 173,631 713 162,494 336,838 ADJUSTMENT FOR VALUE Balance at the beggining of the year 0 0 0 Acquisitions 0 0 0 Disposals 0 0 0 Amortization 23,368 127 23,495 Revaluation 0 0 0 Balance at the end of the year 23,368 127 23,495 Net carrying amount at the beginning of the year 0 0 6,660 6,660 Net carrying amount at the end of the year 150,263 586 162,494 313,343 Important amortisation / depreciation rates of fixed assets Furniture and equipment 10% (10 years) Hardware 33.33% (3 years) Low value assets 33.33% (3 years) Cars 20% (5 years) Other equipment 25% (4 years) Software 20%-33.33% (3 to 5 years) Long-term investments SIT 170,170,237,000 88.65% of assets Long-term investments include investments in capital of associates. On initial recognition, long-term investments in capital of other enterprises are valued at the cost of purchase that is either equal to the paid amount of cash or cash equivalents, or to the fair value of other consideration for acquisition given by the Company on the day of exchange, increased by the costs directly attributable to the investment.
Changes in long-term investments in 2002 in SIT 000 Net carrying amount as of 1 January 2002 166,009,343 Acquisitions 2,523,975 Revaluation 1,636,919 Net carrying amount as of 31 December 2002 170,170,237 In 2002 long-term investments increased by SIT 2,523,975,000. Increase in long-term investments in 2002 in SIT 000 Purchase of 48,260 shares of Premogovnik Velenje 1,365,758 Increase in capital of the company by an investment in kind of the Republic of Slovenia - 3,313,841 ordinary shares of TDR - Metalurgija d.d. 1,153,217 Establishment of HSE INVEST d.o.o. 2,500 Establishment of HSE - IIP d.o.o. 2,500 Impairment of long-term investments If the proved fair value of a long-term investment is lower than the book value in case of decrease in value, an adjustment of long-term investments is made for this part of value and revaluatory financial expenses are increased. In 2002 the company increased an adjustment in value of long-term investments of HSE - IIP and simultaneously the revaluatory financial expense by SIT 15,000 due to its loss in operations. In accordance with the agreement of the Supervisory Board the Company purchased 48,260 shares of the company Premogovnik Velenje in 2002. The purchase is related to the final solution of the problems of salaries paid out in too low amounts in the electric power supply system in the years 1991 and 1992. At the end of the year was established that the book value of a share of Premogovnik Velenje was lower; therefore an adjustment of value of this long-term investment was made and simultaneously revaluatory financial expense of SIT 786,273,000 incurred. Increase in value of long-term investments Long-term investments in capital of associates included in the consolidated financial statements are valued according to the capital method in the financial statements of the parent company. This means that these investments are increased annually by that part of net profit of associates that belongs to the parent company. Equity revaluation adjustment is increased by the revaluation effect in relation to long-term investments. Subsequently received shares in profit decrease the initially presented increase in investments based on the participation in profit In 2002 the Company increased its longterm investments by SIT 2,423,207,000, which corresponds to the share in net profit of associates. Increase in value of long-term investments in 2002 in SIT 000 Dravske elektrarne Maribor d.o.o. 1,905,665 Savske elektrarne Ljubljana d.o.o. 195,787 Soπke elektrarne Nova Gorica d.o.o. 218,262 Termoelektrarna Brestanica d.o.o. 95,675 HSE Invest d.o.o. 7,818 Long-term investments as of 31 December 2002 in SIT 000 Dravske elektrarne Maribor d.o.o. 75,150,836 Savske elektrarne Ljubljana d.o.o. 27,842,585 Soπke elektrarne Nova Gorica d.o.o. 26,488,978 Termoelektrarna Brestanica d.o.o. 2,407,454 Termoelektrarna ©oπtanj d.o.o. 15,640,427 Premogovnik Velenje d.o.o. 21,473,937 HSE Invest d.o.o. 10,318 HSE - IIP d.o.o. 2,485 TDR - Metalurgija d.d. 1,153,217 55
Page 1:
ANNUAL REPORT 2002
Page 5 and 6: TABLE OF CONTENTS Statement by the
Page 7 and 8: an internal magazine that connects
Page 9: • Consented to the establishment
Page 13: 1. KEY ACHIEVEMENTS FOR THE FINANCI
Page 16 and 17: 2 BUSINESS REPORT 2.1 GENERAL COMPA
Page 18 and 19: HSE Supervisory Board Members of th
Page 20 and 21: 2.2 MISSION, VISION AND STRATEGIC G
Page 22 and 23: 22 possible level of human and tech
Page 24 and 25: 2.5 SUPPLY AND SUPPLIERS 24 Market
Page 26 and 27: 2.6 SALES AND BUYERS 26 2.6.1 Elect
Page 28 and 29: 28 hold-ups of production when inte
Page 30 and 31: 30 Financial Risks In addition to q
Page 32 and 33: 32 2.8.1 Financial Criteria of Busi
Page 34 and 35: 2.9 INVESTMENTS 34 Changes in the H
Page 36 and 37: PZR - Tender Project The preparatio
Page 38 and 39: 38 2.9.3 Metering System • System
Page 40 and 41: 2.10 INFORMATICS 2.11 QUALITY 40 Bu
Page 42 and 43: 2.13 RESEARCH AND DEVELOPMENT 42 Pr
Page 45 and 46: FINANCIAL REPORT OF HSE D.O.O.
Page 47 and 48: 3.2 AUDITOR’S REPORT 47
Page 49 and 50: in SIT 000 ITEM Year 2002 Year 2001
Page 51 and 52: 3.5 CASH FLOW STATEMENT in SIT 000
Page 53: 3.7 NOTES TO FINANCIAL STATEMENTS G
Page 57 and 58: Short-term Investments SIT 9,183,42
Page 59 and 60: Short-term operating liabilities to
Page 61: 3.7.4 Statement of changes in equit
Page 65: 4 HSE GROUP KEY ACHIEVEMENTS FOR TH
Page 68 and 69: 5. PRESENTATION OF HSE GROUP 5.1 HS
Page 70 and 71: 5.2 HUMAN RESOURCES MANAGEMENT 70 K
Page 72 and 73: 5.4 OTHER ACTIVITIES 5.5 INVESTMENT
Page 74 and 75: 5.6 IMPORTANT EVENTS AFTER THE END
Page 77 and 78: FINANCIAL REPORT OF THE GROUP
Page 79 and 80: 6. 2. AUDITOR’S REPORT 79
Page 85 and 86: 6.6 CONSOLIDATED STATEMENT OF CHANG
Page 87 and 88: tangible fixed asset is carried und
Page 89 and 90: Short-term investments are not reva
Page 91 and 92: Operating revenues among the Group
Page 93: 6.7.5 Other disclosures Cost by fun
Page 96 and 97: CONTACTS 96 Management Board Execut
Page 98: Annual Report 2002 HSE d.o.o., Cest
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